Fixed Income

BGF US Dollar High Yield Bond Fund

Non-investment grade fixed income securities are more sensitive to changes in interest rates and present greater ‘Credit Risk’ than higher rated fixed income securities. Derivatives may be highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. The Fund seeks to exclude companies engaging in certain activities inconsistent with ESG criteria. Investors should therefore make a personal ethical assessment of the Fund’s ESG screening prior to investing in the Fund. Such ESG screening may adversely affect the value of the Fund’s investments compared to a fund without such screening.

Overview

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Performance

Performance

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Distributions

Ex-Date Distribution
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  1y 3y 5y 10y Incept.
8.88 -0.19 2.05 3.03 4.79
10.52 1.10 3.43 3.30 4.60
3.43 -1.88 1.00 2.51 4.38
5.00 -0.61 2.38 2.77 4.43
Benchmark (%) 11.23 1.77 4.18 4.29 5.39
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
1.40 0.72 1.06 4.69 8.88 -0.57 10.66 34.84 85.77
1.85 0.76 1.38 5.38 10.52 3.34 18.39 38.36 296.00
-3.67 -4.31 -3.99 -0.54 3.43 -5.55 5.12 28.10 76.48
-3.24 -4.27 -3.69 0.11 5.00 -1.83 12.47 31.45 276.20
Benchmark (%) 1.63 1.10 1.33 5.41 11.23 5.41 22.71 52.26 100.34
Performance of the Fund is calculated on NAV to NAV basis on the assumption that all dividends and distributions are reinvested, taking into account all charges which would have been payable upon such reinvestment.

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in AUD, hedged share class benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

Key Facts

Key Facts

Net Assets of Fund
as of 19-Jun-2024
USD 1,881,594,027
Fund Inception
29-Oct-1993
Fund Base Currency
USD
Benchmark
BBG Bar USHY 2% Constrained
Initial Charge
5.00%
Management Fee (incl. Distribution Fee, if any)
1.25%
Minimum Initial Investment
AUD 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Other Bond
Dealing Frequency
Daily, forward pricing basis
SEDOL
B3S5S03
Share Class Inception Date
04-Mar-2011
Share Class Currency
AUD
Asset Class
Fixed Income
SFDR Classification
Article 8
ISIN
LU0578942376
Performance Fee
0.00%
Minimum Subsequent Investment
AUD 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGFA3AH
MAS ESG Fund
No

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-May-2024
1,126
3y Beta
as of 31-May-2024
0.978
Modified Duration
as of 31-May-2024
3.80
Weighted Avg Maturity
as of 31-May-2024
4.39
5Y Annualised Volatility
as of 31-May-2024
9.31
Standard Deviation (3y)
as of 31-May-2024
8.33%
Yield to Maturity
as of 31-May-2024
7.79
Effective Duration
as of 31-May-2024
3.11yrs
WAL to Worst
as of 31-May-2024
4.39
Since Share Inception – Annualised Volatility
as of 31-May-2024
7.41

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.

The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of 19-May-2024
BBB
MSCI ESG Quality Score (0-10)
as of 19-May-2024
5.52
Fund Lipper Global Classification
as of 19-May-2024
Bond USD High Yield
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19-May-2024
186.89
MSCI ESG % Coverage
as of 19-May-2024
68.16
MSCI ESG Quality Score - Peer Percentile
as of 19-May-2024
69.53
Funds in Peer Group
as of 19-May-2024
443
MSCI Weighted Average Carbon Intensity % Coverage
as of 19-May-2024
68.18
All data is from MSCI ESG Fund Ratings as of 19-May-2024, based on holdings as of 31-Dec-2023. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of 31-May-2024
0.00%
MSCI - Nuclear Weapons
as of 31-May-2024
0.00%
MSCI - Civilian Firearms
as of 31-May-2024
0.01%
MSCI - Tobacco
as of 31-May-2024
0.00%
MSCI - UN Global Compact Violators
as of 31-May-2024
0.01%
MSCI - Thermal Coal
as of 31-May-2024
0.00%
MSCI - Oil Sands
as of 31-May-2024
0.00%

Business Involvement Coverage
as of 31-May-2024
32.28%
Percentage of Fund not covered
as of 31-May-2024
67.65%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.06%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in the investment research, portfolio construction, and investment monitoring phases of the investment process. The Fund manager maintains internal ESG scorecards for certain issuers under consideration for investment and certain existing issuers of publicly traded securities. These scorecards analyze and track internal and external research views across a range of environmental, social, and governance factors sourced from primary and third-party ESG information and research. Portfolio management teams may consider the sector and issuer ESG views and scores during portfolio construction. The Fund manager also considers ESG criteria during post-investment monitoring and conducts regular portfolio risk reviews between the investment team and BlackRock’s Risk and Quantitative Analysis group. These reviews include discussion of the portfolio's exposure to material ESG risks, where appropriate.

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - Silver
Effective 09-Oct-2019

Holdings

Holdings

as of 31-May-2024
Name Weight (%)
ISHARES $ HIGH YIELD CRP BND ETF $ 1.43
HUB INTERNATIONAL LTD 144A 7.375 01/31/2032 1.19
CLOUD SOFTWARE GROUP INC 144A 6.5 03/31/2029 1.16
MAUSER PACKAGING SOLUTIONS HOLDING 144A 7.875 04/15/2027 1.05
HUB INTERNATIONAL LTD 144A 7.25 06/15/2030 1.01
Name Weight (%)
UKG INC 144A 6.875 02/01/2031 0.85
ZAYO GROUP HOLDINGS INC 144A 4 03/01/2027 0.83
EMRLD BORROWER LP 144A 6.625 12/15/2030 0.78
VENTURE GLOBAL LNG INC 144A 9.5 02/01/2029 0.75
CARNIVAL HOLDINGS (BERMUDA) LTD 144A 10.375 05/01/2028 0.69

Exposure Breakdowns

Exposure Breakdowns

as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.
Due to rounding, the total may not be equal to 100%

Pricing & Exchange

Pricing & Exchange

Share Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A3 Hedged AUD 9.98 0.02 0.20 19-Jun-2024 10.04 9.33 LU0578942376
A8 Hedged CNH 88.49 0.17 0.19 19-Jun-2024 88.77 82.43 LU1919856218
Class A10 USD 10.03 0.02 0.20 19-Jun-2024 10.12 9.90 LU2725778034
A6 Hedged SGD 7.72 0.01 0.13 19-Jun-2024 7.83 7.30 LU1314333441
A6 Hedged HKD 31.61 0.06 0.19 19-Jun-2024 31.98 29.71 LU0764619531
A8 Hedged AUD 7.83 0.01 0.13 19-Jun-2024 7.87 7.30 LU0871640396
A2 Hedged AUD 18.84 0.03 0.16 19-Jun-2024 18.86 16.97 LU0578947334
D3 USD 9.37 0.02 0.21 19-Jun-2024 9.40 8.68 LU0592702061
A3 Hedged NZD 10.04 0.02 0.20 19-Jun-2024 10.08 9.32 LU0803752046
D2 Hedged EUR 241.75 0.47 0.19 19-Jun-2024 241.89 217.21 LU0532707519
A2 USD 39.99 0.08 0.20 19-Jun-2024 40.01 35.69 LU0046676465
A3 Hedged GBP 8.62 0.02 0.23 19-Jun-2024 8.65 8.01 LU0580330818
D2 Hedged CHF 11.70 0.02 0.17 19-Jun-2024 11.71 10.68 LU1090156289
A3 Hedged EUR 7.85 0.02 0.26 19-Jun-2024 7.91 7.36 LU0578943853
A3 Hedged SGD 8.76 0.01 0.11 19-Jun-2024 8.83 8.22 LU0578937376
D2 USD 43.70 0.09 0.21 19-Jun-2024 43.72 38.82 LU0552552704
A4 Hedged GBP 9.74 0.02 0.21 19-Jun-2024 9.74 8.72 LU0706698544
A6 USD 4.34 0.01 0.23 19-Jun-2024 4.37 4.05 LU0738912566
D4 Hedged GBP 9.74 0.02 0.21 19-Jun-2024 9.75 8.68 LU0681219902
A2 Hedged CHF 10.96 0.02 0.18 19-Jun-2024 10.97 10.05 LU1090155554
A2 Hedged SGD 16.53 0.03 0.18 19-Jun-2024 16.54 14.93 LU0578945809
D2 Hedged AUD 20.38 0.04 0.20 19-Jun-2024 20.39 18.27 LU0827886895
D3 Hedged SGD 8.79 0.02 0.23 19-Jun-2024 8.86 8.25 LU0827886978
A3 USD 5.46 0.01 0.18 19-Jun-2024 5.48 5.06 LU0172419151
A1 USD 5.40 0.01 0.19 19-Jun-2024 5.41 5.00 LU0046675905
A3 Hedged CAD 9.13 0.02 0.22 19-Jun-2024 9.17 8.49 LU0803751741
A6 Hedged JPY 982.00 2.00 0.20 19-Jun-2024 1,007.00 974.00 LU2725778117
A8 Hedged ZAR 79.27 0.16 0.20 19-Jun-2024 79.66 73.83 LU1023056127
D2 Hedged SGD 17.83 0.03 0.17 19-Jun-2024 17.84 16.03 LU0827887273
A2 Hedged EUR 221.19 0.43 0.19 19-Jun-2024 221.34 199.65 LU0330917963

Portfolio Managers

Portfolio Managers

David Delbos
David Delbos
Mitchell Garfin
Mitchell Garfin

Documents

Documents